Financial Relocation Assistance: The term “financial assistance” is pretty broad. It can mean anything from a new credit card to help with living expenses to the funds needed to rebuild after an unexpected life event. Living in a different city or country means more than just packing up your bags and transporting them across state lines; it also means you’ll need to find ways of dealing with all sorts of financial issues that are unique to your situation – including how you’re going to afford things like housing, transportation, food, etc.
But before we get into these specifics, let’s back up for a moment – because while there are many reasons why people relocate (career opportunities being the most common), they don’t realize that their finances are often one of the most significant issues to deal with. And while each situation is different, there are several common ways that people end up in cases where they need financial assistance – and this article will give you an overview on how to deal with things like:
- Rental or mortgage payments (for example, if your rent doubles when you move overseas, how are you going to make up for that?)
- Utilities and other bills (for example, if your new international residence requires heating or air conditioning but heat is not available in the area, what do you plan to do about it?)
- Health insurance (if you’re moving internationally, this is extremely important)
- Transportation (if you’re moving overseas, finding a place to live can be challenging enough. If you also have to find transportation to get there on top of it, that’s even tougher.)
- Life insurance and disability insurance (if something happens while you’re overseas and not protected, your family can be left without support until they figure out how to deal with it.)
Below, you’ll find a list of potential ways to get financial assistance when moving. Understand that not all options are available to everyone – but don’t let this discourage you from looking at them; tailor each plan based on your specific circumstances and needs!
Short-Term Relocation Assistance Plan:
If you’re relocating temporarily, there’s a good chance that you won’t need financial assistance (unless you’re planning on living in another country for an extended time). However, if your situation changes or if something unexpected costs more than anticipated, it’s likely that you’ll run into problems.
The best thing to do is set aside money when you plan your move that can be used to cover moving expenses on the off chance that you need it.
Long-Term Relocation Assistance Plan:
If you’re moving long-term, this is where things get a little more tricky. You’ll need to secure housing and transportation, find an income source (if you’re no longer working in your current location), and if you have a family moving with you, their needs will also need to be addressed.
The first step is to figure out where your money is going; if you don’t already know how much it costs to live in the city you’re moving to, get on websites like Numbeo or Expatistan, and start researching! These websites provide the cost of living information, and while they’re not exhaustive, they will give you an excellent place to start.
The next step is to find out how much money it will take to live comfortably in your new home. Look at everything – utilities, transportation, food costs (including the higher cost of meat and produce at some locations), health care costs, etc. – and try to work out everything in detail.
Once you have that, the next thing you’ll need to figure out is how to finance it all.
How to Get Financial Assistance When Relocating:
Financial assistance is based on various factors: your financial situation, where you’re moving to, what kind of work you do, and what type of insurance – among other things. However, there are some ways that you can improve your chances of getting assistance when moving:
- Try to get a job in the city before your move – If possible, set aside a fund for living expenses before your move so that you can draw from this if needed; however, understand that if you’re self-employed, your income may be affected when you move. If you already have a job lined up, it’s easier to make a case for financial help than if you’re moving across the world with no real employment prospects in sight.
- Tell your employer and colleagues what you’re doing and why – Not only is this an excellent way to drum up support for your move, but it can also help to show that you’re committed to your long-term career goals.
- Make a plan – It’s hard enough planning for your move while keeping everything else intact; don’t make things harder on yourself by not having a solid idea of what you expect and how to go about it – keep track of all of your finances, your job prospects, your living expenses – all of it! You’ll feel so much better knowing that you’re taken care of if something unexpected happens.
- Get professional help – There are plenty of professionals out there for hire who can help to finance a move; these range from relocation specialists to financial planners to moving companies; find one that fits your needs, and hire them!
- Apply for Moving Grants – Moving grants are another way to finance your move; these come in all shapes and sizes, from small grants that can help with the cost of moving or buying a new home up to large multi-million dollar grants that support entire communities. Please look at foundations for relocation grants, or contact local organizations to see what they can do for you.
- Apply for Moving Grants – There are also federal and state grants available for moving, and you can find out about them by doing some research. Federal relocation assistance may be available through the Department of Housing and Urban Development. At the same time, your state or municipality may provide other types of financial aid to those who need it.
If you’re considering relocation shortly, it’s essential to plan how much money will be needed and where that money is going. Financial assistance such as Moving Grants can come from various sources – both private and public – so take some time out of your day to research what may work best for you! The more information you have on hand before departure, the better off you’ll be when moving; don’t let this opportunity pass by without giving yourself a fighting chance at success.